The budget deal that congressional leaders and the White House reached today is an important step, as it eliminates the threats both of an unprecedented U.S. government default on its debt obligations, and of deep, damaging budget cuts.

In a new statement, CBPP President Robert Greenstein writes:

Today’s agreement provides a path for Congress and the Administration to complete their work on the annual appropriations bills this year without the disruptive brinkmanship and uncertainty that has become all too common…

Not surprisingly, [the deal] doesn’t include revenue offsets. The unwillingness of the White House and GOP Congressional leaders to consider narrowing or closing a single tax loophole is problematic. It hinders meaningful discussion about how to address the nation’s long-term fiscal challenges.”